Congress should merge the two agencies because their jurisdictions have grown “increasingly indistinguishable,” Walter, a Democrat, said during a speech at a banking conference in Washington. Walter also called on Congress to repeal a 2000 law that prohibited the SEC from regulating swaps.

BLOOMBERG NEWS

MEXICO

Peso sinks to record low

Mexico’s battered peso weakened Monday to a record low of 15.4 against the dollar, and the central bank auctioned off $400 million in foreign reserves to prop up the battered currency.

ASSOCIATED PRESS

BANKING

Merrill request ‘tactical mistake’

Bank of America Corp.’s CEO is now calling his request for $20 billion in government money to support the acquisition of Merrill Lynch a “tactical mistake.” Kenneth Lewis also said he would stay on as CEO until the bank pays back all of its $45 billion in government funding, which could take two or three years.